With international crude oil prices going below $45 a barrel,
India's state-run oil marketing companies Friday cut petrol price by Rs.2.42 a
litre and that of diesel by Rs.2.25 per litre.
At the same time, the government Friday raised the excise
duty on both petrol and diesel by Rs.2 a litre.
"Indian Oil Corp. has decided to affect the following
price changes with effect from midnight of 16th/ 17th Jan 2015. Decrease in
retail selling price of petrol by Rs.2.42 /litre at Delhi (including state
levies) with corresponding decrease in other states. Decrease in Retail Selling
Price of Diesel (Retail) by Rs. 2.25 /litre at Delhi (including state levies)
with corresponding decrease in other states," the oil marketer said in a
statement here.
The basic excise duty on the transport fuels, raised for the
fourth time in quick succession, would be effective from midnight of Jan 16 and
there would be no change in other excise duty rates applicable to the transport
fuels, the government said.
On Jan 1, the government had increased basic excise duty on
petrol and diesel - both branded and unbranded - by Rs.2 a litre.
To make up for fall in taxes due to the sustained decline in
international crude oil prices, the government hiked excise duty by Rs.1.50 a
litre on both the fuels first on Nov 12. Later, on Dec 2, the duty on petrol
was hiked by Rs.2.25 per litre and on diesel by Re.1 a litre.
This is expected to fetch the government an additional Rs.10,
500 crore in the current fiscal,
At the Same time we are also getting the benefit of this
price fall. So you may call this a big great news for Car & Bike owners.
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